India-China trade post USD 61.7 bn in 2010

Beijing, (Agency): China's trade registered robust growth all round the globe last year, especially with emerging markets like India as well members of ASEAN, while its own trade volumes went up to USD 2.97 trillion, registering an impressive growth of 34.7 per cent.

China's trade with India increased 42.4 per cent year-on-year, China Ministry of Commerce said giving an overview of growth pattern of China's trade with various countries despite the global down turn sparked off by the European debt crisis.

The China-India trade posted USD 61.7 billion total in 2010, surpassing USD 60 billion target, while appearing well on course to meet the USD 100 billion new target set by both the countries for 2015.

The surge of India-China trade was driven by Indian imports of relatively cheap Chinese telecom and power generation machinery for India's infrastructure expansion.

The ever increasing buoyancy however is also a cause of concern to India as the trade imbalance amounted to USD 20 billion, equaling to total of Indian exports.

The Indian exports, mainly driven by cotton and iron ore to China amounted to USD 20.8 billion, while Chinese exports to India totaled to USD 40.8 billion, virtually double that of India's. China's trade volumes posted increase all around.

Trade with member countries of the Association of Southeast Asian Nations (ASEAN) increased 37.5 per cent year on year in 2010.

China's trade with Brazil climbed 47.5 per cent year on year, while its trade volumes with Russia expanded 43.1 per cent year on year and that with South Africa grew by 59.5 per cent.

China has become the top trade partner and export destination for Japan, the Republic of Korea, ASEAN, Australia and South Africa, official Xinhua quoted the new figures released here by the Chinese Commerce Ministry.

China has emerged as the second largest trade partner and export destination for the European Union.

It is the second largest business partner and the third largest export destination for the United States. The European Union, the United States and Japan remained China's top trade partners in 2010. China's trade with the European Union increased 31.8 per cent last year, the new figures said.

Trade with the United States increased 29.2 per cent and with Japan it increased 30.2 per cent.